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2014 (2) TMI 268 - GUJARAT HIGH COURTEffect of retrospective amendment in Section 40(a)(ia) of the Act Held that:- The decision COMMISSIONER OF INCOME TAX Versus OMPRAKASH R CHAUDHARY[2014 (2) TMI 120 - GUJARAT HIGH COURT] followed - amendment to section 40(a)(ia) of the Income Tax Act by virtue of Finance Act, 2010 would apply to pending proceedings also the question is not required to be entertained. Deletion of disallowance of remuneration paid to partner of assessee Held that:- The CIT (Appeals) concluded that though initially the partnership agreement did not have a term containing payment of the partners subject to the limits of the Income Tax Act, for the assessment year under consideration, the partners had already entered into a supplementary agreement making such a provision - there was no dispute about the genuineness of the payment and the same was within the limits of section 40(b) of the Act - the Tribunal committed no error in confirming the view of the CIT (Appeals) deleting such disallowance Decided against Revenue.
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